Presentation

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FROM HOMEOPATHIC REMEDIES
TO HERBAL EXTRACTIONS & SCIENTIFIC
INNOVATIVE NATURAL PRODUCTS
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KORRES NATURAL PRODUCTS
A FAST GROWING BRAND AWARENESS CASE
Unique positioning in the market
Strong portfolio of 500 innovative herbal products
Experience in branding
Focus on R&D and NPD
Significant presence in 28 countries in Europe, Middle East, Asia, USA
Successful development model
-Sales CAGR03-07:39,3%-Sales 07: 36mil
-EBITDACAGR03-07:38,7%- EBITDA 07: 6,5mil
-Net ProfitCAGR03-07: 63,8%- Net Profit 07: 3,2mil
-Personnel CAGR03-07: 26,8%-2007: 251 people
Market Cap>90mil
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FROM THE PHARMACY AND THE HERBS
The Korres Natural Products has its roots in the first ever Homeopathic
Pharmacy of Athens
Founded in 1996, with the aim to utilise its extensive scientific resources
for the creation of beneficial and safe products
Today it offers a complete range of cosmetic, phytotherapy,
homeopathy and nutraceutical products
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FOCUS ON 4 MAJOR PRODUCT CATEGORIES
UNDER 2 BRANDS
#1 Face 40% of Sales07- Gross Profit Margin07: 71%
#2 Body 23% of Sales07- Gross Profit Margin07: 59%
#3 Hair 22% of Sales07 -Gross Profit Margin07: 67%
#4 Pharmaceuticals & Other 15% of Sales07- Gross Profit Margin07: 49%
2 Brands
Main Brand: Korres Natural Products
New Brand: Kings & Queens, initially in body category
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CAGR03-07
Sales per category
17
14,3
13,7
14
11
In Miillion Euro
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HIGH GROWTH RATES
IN ALL PRODUCT CATEGORIES
41%
Hair
29%
Body
41%
Pharmaceuticals
51%
&other
8,2
8,0
8
7,1
5,6
5,5
5
5,4
4,5
3,6
3,9
3,7
3,6
2,9
2,1
3,0 3,0
2,6 2,5
2
-1
Face
1,0
Face
Hair
2003
2004
Body
2005
2006
Pharmaceuticals&
other
2007
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HIGH PENETRATION IN PHARMACIES IN GREECE
5,600 Pharmacies (from which 1150 as a shop in shop),
>50% penetration in the pharmacies
80% of homeopathic remedies in Greece through its 100% subsidiary
Homeopathic Korres SA
KORRES PHARMACY
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2 STORES IN GREECE
2 stand alone stores
ATTICA STORE ATHENS
ATHENS AIRPORT STORE
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GROWING INTERNATIONAL PRESENCE
KORRES AT THE ELITE STORES OF THE WORLD
28 COUNTRIES through distributors
Europe: Greece, Cyprus, Romania, Russia, Italy, Spain, France, Andorra, Germany, UK, Austria, Switzerland, Belgium,
Netherlands, Norway, Finland. Middle East, Asia: Dubai, Turkey, China & Hong Kong, Japan, Singapore, Korea,
India,USA, Canada, Australia, Caribbean, South Africa
CAGR 03-07
Greece : 33,3%
International : 87%
Sales by region
22%
78%
Greece
Interantional
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INTERNATIONAL PRESENCE
1,250 SELECTIVE – SEMI/SELECTIVE
POINTS OF SALES
UK Harrods, Harvey Nichols, Liberty, Selfridges, John Lewis, Fenwicks, Heal’s,Oliver Bonas, GERMANY Ludwig Beck, Quartier
206, KaDeWe, Apropos, Alsterhaus, Harald Lubner, ITALY Coin SPAIN Seven Sense, Oro Liquido, Soho Shop PORTUGAL
Selected pharmacies, FRANCE & ANDORRA Le Bon Marché, Sephora,Le Printemps AUSTRIA Nana De Bary, Nägele & Strubell
SWITZERLAND Septième, Globus, Schminkbar, Hyazinth BELGIUM & LUXEMBURG Selected Pharmacies nationwide (250 POS)
NORWAY Luna Spa CYPRUS Ermes, Selected Pharmacies nationwide RUSSIA Selected points of sale (perfumeries)
Liberty_London UK
Ludwig Beck, Munich, Germany
Harrods_London UK
Apropos_Germany
Selfridges_London UK
Coin SIS, Milano, Italy
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INTERNATIONAL PRESENCE
KORRES STORES - 18 STAND ALONE STORES
VIA DISTRIBUTORS
Barcelona stores, Spain
Helsinki store, Finland
Bucharest store, Romania
Lisboa store, Portugal
London store, UK
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INTERNATIONAL PRESENCE
18 STORES VIA DISTRIBUTORS
STORE COUNT BY 2006 END
STORE COUNT IN 2007
STORE COUNT IN 2008 (up to now)
COUNTRY CITY
COUNTRY CITY
COUNTRY
GREECE
CHINA
SWITZERLAND LA CHAUX DE FONDS
ATHENS ATTICA
SHANGHAI
CITY
ATHENS AIRPORT
BEIJING
UK
LONDON
BEIJING
FRANCE
PARIS
SPAIN
BARCELONA
UK
GLASGOW
USA
NEW YORK (BROOKLYN)
BARCELONA
GERMANY FRANKFURT
MATARO
USA
NEW YORK SOHO
SPAIN
MADRID
FINLAND
NEUCHATEL
HELSINKI
VALENCIA
TURKEY
ISTANBUL
*Korres products are also sold over 21 shop-in-shops worldwide
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COMPETITIVE ADVANTAGES
Herbs
The Herbs
The Principles
R&D
Branding
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INNOVATIVE PRODUCTS
BASED ON 4 LARGE GROUPS OF NATURAL INGREDIENTS
Herbs with pharmaceutical properties, e.g. Calendula, Echinacea, Hyperium, Evening Primrose
Greek flora herbs, e.g. Thyme, Basil, Rosemary, Mastiha, Crocus
Food ingredients e.g. Yogurt, Thyme-honey, fully incorporated in our products
Natural raw materials the attributes of which are reinforced by the latest global Cosmetology research
Replace substances such as mineral oils, silicones, propylene glycol, parabens etc with natural
ingredients which are safe and skin friendly
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INNOVATIVE PRODUCTS
BASED ON 4 LARGE GROUPS OF NATURAL INGREDIENTS
Herbs with pharmaceuticals properties
Food ingredients
Greek Flora hebs
Natural Raw material
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INVEST IN GREEK FLORA
THROUGH OUR R&D AND NPD
with 100% organically grown and extracting active herbal ingredients
The Establishment of our subsidiary Phyto 12 (60% participation), with the aim to trade and distribute
natural extractions and to develop extracting processes
THROUGH STRATEGIC PARTNERSHIPS
Co operation with the Pharmacology School of the Pharmacy Department of ATHENS UNIVERSITY,
working on industrial research development programs aiming to fully explore the attributes of Greek flora
MASTIHA
pharmaceutical plants
Co operation with Chios MASTIHA Growers Association (CMGA)-development of a Mastiha product
range. Recently acquired 5,13% of Mediterra which is the exclusive distributor of Chios Mastiha in Greece
on behalf of CMGA
Co operation with the Cooperative de Safran of Crocus Kozani through its 15,6% participation in
KROCUS KOZANIS PRODUCTS, exclusive representation and distribution of the organic Kozani Crocus
apart from Greece also abroad and the development of KROCUS products
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OUR PRINCIPLES
4 basic principles:
Use of organically grown and extracting herbs and natural ingredients
of the highest quality
Clinically tested effectiveness without over promising results
Combination of science and high aesthetics
Reasonable prices
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FOCUS ON THE DEVELOPMENT
OF INNOVATIVE PRODUCTS
4% of total sales is allocated for R&D and NPD
A team of 43 chemists and chemical engineers, develop and manage new product ideas,
following the most strict procedures
130 new products in the pipeline to be launched up to the end of 2010
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EXPERIENCE IN BRANDING
High brand awareness – 15% market share in pharmacies in Greece
Only 13% of sales is allocated for advertising
First time on TV in 2007
Awarded plenty of times for its product development, promotion and packaging
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NEW BRAND
KINGS & QUEENS
New target group_ New distribution channels
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NEW BRAND
KINGS & QUEENS
ROYALS & HERBS -Stories and myths of royals and herbs
PRODUCT RANGE
Showergels, body milks, body butters, soaps, amenities
CHARACTERISTICS
-Luxurious bulk -Colour and fragrance -Maximal packaging -Herbal ingredients -Paraben Free
-Mineral oil Free
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NEW BRAND
KINGS & QUEENS
New target group_Alternative distribution channels
DISTRIBUTION
-Masstige Category -Affordable price -Alternative Distribution Channels
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NEW BRAND
KINGS & QUEENS
Launched in July 2007
in Greece
Fena Fresh in Thessaloniki and at supermarkets (Sklavenitis, AB Vasilopoulos,
Massoutis, Carrefour)
Major chain stores and superstores-cosmetic stores (Attica, Aroma, Gallery de Beaute)
Already present in 1,200 points of sales
in International Markets
The Netherlands in an exclusive partnership with the European cosmetics
Store chain Douglas
Exports to France, Germany, UK and Russia
Sales 2007: 1,6mil. The contribution of the new brand to total sales is expected to be significant
in the following years.
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CAPACITY TO COVER THE INCREASED DEMAND
INVESTMENTS 03-07: 16,3MIL
6,500sqm production facilities, located in Oinofyta (57 km north of Athens)
in 13,000sq.m land
80% of the production is realized in house and the rest 20% is outsourced
8x the current production output (with 3 shifts) after the completion
of new mechanical equipment's installation
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FY 2007 FINANCIAL HIGHLIGHTS
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FINANCIAL FY ‘07 HIGHLIGHTS
Revenues increased by 33,7% to 36,0m (26,9m in FY 2006)
Gross Profit increased by 31,3% to 23,1m (17,6m in FY 2006)
EBITDA increased by 12,6% to 6,5m (5,8m in FY 2006)
Net income increased by 13,5% to 3,2m (2.8m in FY 2006)
Consolidated Turnover ( mil)
40
+33,7%
Consolidated Gross Profit ( mil)
36,0
26,9
30
24
20
+31,3%
23,1
17,6
20
16
10
12
8
0
4
FY 2007
FY 2006
0
FY 2007
FY 2006
Consolidated EBITDA ( mil)
Consolidated Net income ( mil)
8
+12,6%
6,5
5,8
4
6
3,2
2,8
3
+13,5%
4
2
2
1
0
FY 2007
FY 2006
0
FY 2007
FY 2006
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FY ‘07 SALES GROWTH BY BU
Face products continued to be the highest contributor to total sales (40%),
+4,7% in Face
while body and hair categories gained 11pp, participating by 22,0% and
+42,7% in Hair
23% respectively in sales
+121,3% in Body
121,3% growth in body category came apart from the launch of the new
+38,9% in Pharmaceuticals
brand K&Qs, also from the development of sun care products and the
and others
organic growth of the core category.
42,7% in hair products driven by the significant growth of hair colorants
FY 2007 - SBU Turnover Breakdown
Face
Hair
15%
40%
Body
23%
22%
Pharmaceutic
als & Others
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STRATEGY
GROWTH FOCUS
KORRES SA
INFRASTRUCTURE
PRODUCTION CAPACITY
GLOBAL
FOCUS ON KEY PARTNERS
KORRES STORES
NEW BRANDS
GREECE
ADVERTISING
NEW CATEGORIES
NEW BRANDS
t
2006
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STRATEGY 2008-2010
DRIVERS
GROW
GREECE
GROWTH STRATEGY
•
Grow the existing product categories
•
New product categories
•
New brand –upscale pricing
•
New distribution channels
•
Developed markets: UK, US, Germany,
Spain and Japan
•
Emerging markets: China and Russia
•
Modelisation of stores
•
New distribution channels
DEVELOPMENT
FOCUS
INTERNATIONAL
FOCUS STRATEGY
ESTABLISHMENT
EXPAND
NEW BRAND
EXPANSION STRATEGY
• •
•
Developed
markets:
UK, US, Germany
New product
categories
and Japan
Penetrate the mass distribution
Emerging
channelsmarkets: China and Russia
• •
Expand
its distributionregions
channels
New geographical
•
KINGS & QUEENS
ENTRANCE
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SHAREHOLDING STRUCTURE
Major shareholders
Participation (%)
George Korres
56,10%
Helen Philippou
5,6%
Peter Katsoulas
4,5%
Apostolos Korres
4,2%
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IMPORTANT DISCLOSURE
The present was compiled by the company KORRES S.A. NATURAL PRODUCTS
(hereinafter the Company) exclusively for investors and market professionals
In no way does the present constitute an offer or invitation to purchase Company shares.
The reproduction, use or distribution, of part or whole of the present document
in any way is prohibited.
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APPENDIX
More Company Information
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GROUP STRUCTURE
KORRES SA
NATURAL
PRODUCTS
KINGS & QUEENS
100%
HOMEOPATHIC KORRES
SA
100%
PHYTO 12
60%
KROCUS KOZANIS
PRODUCTS
15%
Participation in Mediterra by 5,13%
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COMPANY HIGHLIGHTS
1996 Setting up G. Korres Ltd.
2000 Converted into a S.A. under the name Korres SA-Natural Products
First steps to enter foreign markets
2001 Deal with Harvey Nichols (UK)
2002 Setting up the subsidiary Korres UK and opening the 1st flagship store in Chelsea, London
2003 Product distribution agreement with PLIAS
Cooperation with Mastiha producers (Chios, Greece)
2004
Acquisition of factory in Oinofyta
Opening 2 new Korres shops in Barcelona (local distributor)
Setting up subsidiary Korres USA _Deal with Sephora
2005 Opening 2 Korres shops in Athens
Opening 1 shop in Helsinki (local distributor)
Sale of subsidiaries Korres USA & UK
2006 Relocation at Oinofyta
Opening 2 new shops - 1 in Helsinki (Finland), 1 in Mataro (Spain)
Exports in Asia, China & Japan
Acquisition of Homeopathic Korres GP
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COMPANY HIGHLIGHTS
2007 Listing to the Stock Exchange in the Small-Mid Cap category
Launch of the new brand Kings & Queens, by Establishing its 100% subsidiary Kings & Queens
Establishment of its subsidiary Phyto 12 (60% participation)
Opening of 9 (1 in Shanghai, 2 in Beijing, 1 in Glasgow, 1 in Frankfurt, 1 in New York Soho, 1 in Madrid, 1 in
Valencia, 1 in Istanbul) new Korres Stores abroad, reaching a total of 14 stores
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OUR AWARDS
1998
Award for Innovation and Production, Ministry of Development
2000
Award for Entrepreneurship, EOMME
2002
Gold Award for Packaging & Praise for the Corporate Identity, Greek Awards for Graphic Artist and Imagery
2003
Award for Development and Innovation, Hellenic Business Society and awarded
by the President of the Greek State
2003
Gold Star for Packaging, Association of Industrial Producers of Packaging Material
2004
Gold Award Prix de Beauté in the haircare category for the shampoo Mastiha-oil and Wheat proteins
2004
Gold Awards for Packaging and Advertising Prints & Honor for Corporate Identity and Corporate website
(www.Korres.com), Hellenic Awards for Graphics and Design
2004
Gold Ermis for Packaging for liquid hand soaps, Association of Advertising &Communication Companies
2004
Bronze Ermis for Packaging for the facial range, Association of Advertising &Communication Companies
2005
Korres George, Greek Businessman of the Year, STATUS magazine
2005
Gold Award for Korres BOOKS logo, Hellenic Graphic and Design Awards
2005
Gold Award Prix de Beauté for Korres COLOUR_PENCILS
2005
Gold Award Retail Manager and Rising Star of the Year, Retail Business magazine,
sponsored by the Ministry of Development
2006
Star in Packaging for Kozani Crocus and Honor for gift boxes, Pan-Hellenic Packaging Contest
2006
“Greek Stars 2006»
Honor for Jam with figs, plums & honey, Gourmet magazine – Eleytherotypia newspaper
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OUR AWARDS
2006
2006
2006
2006
2006
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
Company of the Year Award for corporate development and creativity, Vôtre Beauté magazine
Gold Ermis Product Identity and Packaging for Kozni Crocus, Association of Advertising & Communication
Companies
Gold Ermis Promotional Materials/Structures of for Korres Colour, Association of Advertising & Communication
Companies.
Star in Packaging for Kozani Crocus, International Packaging Contest “Stars 2006”
Ranked 247 amongst the 500 highest developing companies in Europe, by the 500 Growth Entrepreneurs for
growth association
Korres George, Greek businessman of the Year, STATUS magazine
Honored by the Pharmaceuticals Association of Thessalonica for his contribution to the Greek Business
development, 7thPharmaPoint
Best Hand Launch Award for the Thyme Honey hand cream at the Pure Beauty Awards
Gold Award Prix de Beauté for Korres Colour_Concealer & Compact Powders
Ermis Silver (2nd prize) in the category of Product Identity and Packaging for the Korres ag, by the Greek
Association of Communication and Advertising companies
Korres store in Annankatu listed as one out of 101 best (product/brand or phenomenon)
by Kotivinkki magazine in Finland
Best Eye Cream, Sunday Mirror Beauty Awards for Eyebright
Ranked 460 amongst the 500 highest developing companies in Europe, by the 500 Growth Entrepreneurs
for growth association
Distinction for International Business Development, the Leading Companies Greece Awards
Best Natural Eyeshadow for Korres in Olive Green at Natural Health Beauty Awards 2008
Best Mask for Korres Cinnamon and Clay Mask at SELF Magazine Healthy Beauty Awards
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PRODUCT CATEGORIES
Face:
Moisturising Creams, Emulsions, Lotions, Facial Masks, Eye Creams, Men’s Care products, Make-up products
Hair:
Shampoos, Conditioners, Styling products, Hair Colourants
Body:
Shower Gels, Body Waters & Butters, Hand Soaps, Sponges, Sun Care products
Pharmaceutical:
Anti-cellulite products, Anti-lice products, Insect R epellents ,Syrups & Drops,
Homoeopathy medicines
Other products:
Hotel supplies (Korres Little Natural Products), Mastiha Products (rres Greek Flora_Mastiha), Oral Hygiene
Products, Nutraceuticals (instant drinks with vegetable fibers, jams, teas, energy bars, etc.)
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FOCUS ON THE DEVELOPMENT
OF INNOVATIVE PRODUCTS
Innovative and globally competitive natural ingredients based formulas
OUR PRODUCTS DO NOT
CONTAIN:
DISADVANTAGES
REPLACED WITH NATURAL
INGREDIENTS:
ADVANTAGES
Parabens
Conservatives everyone is
overexposed to
Organic acids, food
conservatives
Natural, mild, safe
Oil products
(mineral oil)
Synthetics, which clog skin pores
Excellent quality natural oils
Exceptional compatibility, does
not clog pores, moisturising
properties
Silicones
Synthetic,non bio-degraded,
which clog the pores, burden hair
Combination of dry vegetable
oils
Exceptional compatibility, does
not clog pores, does not
burden hair, moisturising
properties
Propylene-glycol
Dissolution responsible for
allergies
Butylene glycol
High compatibility, friendly to
the skin
Ethanolamines
Controllers of pH responsible for
allergies, rashes
Amino acid L-arginin
High compatibility,
moisturising properties
Synthetic vitamin (D- and
L-tocopherol)
Only D-tocopherol has proven
anti-oxidant action
Natural vitamin (D-tocopherol)
Has a double anti-oxidant
action
Non-standard natural
extracts
Unstable effectiveness
Active natural extracts
Maximum and constant
effectiveness
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FINANCIAL INFORMATION – FINANCIAL RESULTS
(in thousand)
2003
2004
2005
2006
2007
Average annual growth
rate
Sales
9,547
14,779
17,064
26,914
35,977
39,3%
Gross profit
6,245
9,141
10,652
17,590
23,086
38,7%
% of turnover
65.4%
61.9%
62.4%
65.4%
64,2%
Earnings before interest, tax,
depreciation & amortization
(....D.A.)
1,574
3,038
3,155
5,811
6,542
% of turnover
16.5%
20.6%
18.5%
21.6%
18,2%
Earnings before tax (E.B.T.)
932
1,994
2,010
4,041
4,599
% of turnover
9.8%
13.5%
11.8%
15.0%
13%
Earnings after taxes (E.A.T.)
448
1,112
1,132
2,841
3,226
% of turnover
4.7%
7.5%
6.6%
10.6%
9,0%
42,8%
49,0%
63,8%
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FINANCIAL INFORMATION – BALANCE SHEET
(in thousand
Euro)
2003
2004
2005
2006
2007
Total non-current
assets
7,051
7,023
11,303
13,750
17,743
Current assets
7,795
10,369
13,111
19,239
31,844
Total Assets
14,846
17,393
24,415
32,989
49,587
Total equity
2,220
3,332
4,604
6,573
18,868
Long-term
liabilities
5,109
4,750
5,340
10,241
8,867
Short-term
liabilities
7,517
9,311
14,472
16,174
21,851
Total liabilities
12,626
14,061
19,811
26,415
30,718
Total Equity and
Liabilities
14,846
17,393
24,415
32,989
49,587
ASSETS
EQUITY &
LIABILITIES
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FINANCIAL INFORMATION – CASH FLOWS
(in thousand Euro)
2003
2004
2005
2006
2007
Inflows from operating
activities
(1,308)
(545)
(1,494)
2,634
1,214
Inflows from investment
activities
(754)
(319)
(1,394)
(2,943)
(5,804)
Inflows from financing
activities
2,165
651
3,580
1,033
4,994
Increase in cash & cash
equivalents*
103
(213)
0692
725
405
* Compared to the respective previous period
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DEVELOPMENT STRATEGY
1996-2010
1996-2000
KORRES
NATURAL
PRODUCTS
2001-2006
2007-2010
EXPANSION STRATEGY
FOCUS STRATEGY
GROWTH STRATEGY
ENTRANCE
ESTABLISHMENT
DEVELOPMENT
EXPANSION STRATEGY
FOCUS STRATEGY
ENTRANCE
ESTABLISHMENT
GREECE
KORRES NATURAL
PRODUCTS
GLOBAL
KINGS & QUEENS
EXPANSION STRATEGY
NEW BRAND
ENTRANCE
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DEVELOPMENT STRATEGY 1996-2010
KORRES NATURAL PRODUCTS
1996-2000
EXPANSION STRATEGY
BRAND
Unique positioning
DISTRIBUTION
City Pharmacies
STRUCTURE
CEO centered
STORES
-
COMMUNICATION
Word of mouth
GREECE
ENTRANCE
2001-2006
FOCUS STRATEGY
Establishment of New Categories
Network Expansion
Senior Staffing
Airport –Attica Department Store
Matrix structure
No additional openings
DEVELOPMENT
Cult / Global brand
STRUCTURE
Senior Staffing
ABROAD
Support of key points
ESTABLISHMENT
Launch in 30 markets
COMMUNICATION
Innovative Technology
TV Campaigns
DISTRIBUTION
STORES
GROWTH STRATEGY
Print Campaigns
EXPANSION STRATEGY
BRAND
2007-2010
6 stand alone stores
PR Companies
ENTRANCE
FOCUS STRATEGY
New Categories
Focus in top markets
Key Partners
Modelisation - Development
Print / TV
ESTABLISHMENT
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SUCCESSFUL DEVELOPMENT MODEL
Turnover (in 000 )
EBITDA (in 000 )
39,3 % Average Annual Growth
42,8 % Average Annual Growth
6
30
5
25
20
36,0
15
5
3
26,9
10
14,8
5,8
2
17,1
9,5
1
0
2003
4
2004
2005
2006
2007
3,0
3,2
2004
2005
6,5
1,6
0
2003
2006
Earnings after Taxes (in 000 )
Personnel (number of individuals)
63,8 % Average Annual Growth
26,8 % Average Annual Growth
2007
3
3
200
2
2
2,8
3,2
251
100
1
193
149
1
0
150
1,1
1,1
2.004
2.005
50
97
107
2003
2004
0,4
0
2.003
2.006
2.007
2005
2006
2007
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CONTACT DETAILS
CONTACT DETAILS
Head of Investor Relations
Athina Lagou
A Address 57th km, Athens-Lamia National Road
32011, Inofyta-Greece
T + 30 22620 54651
F + 30 22620 54555
E athina.lagou@korres.com
Web www.korres.com
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